Ex-UBS, Credit Suisse Banker Pleads Guilty in U.S. Tax Probe

A former banker at giant Swiss financial
institutions UBS AG and Credit Suisse Group AG
pleaded guilty on Tuesday to helping wealthy Americans
hide millions of dollars from U.S. tax authorities during his
time at UBS.

A former banker at giant Swiss financial
institutions UBS AG and Credit Suisse Group AG
pleaded guilty on Tuesday to helping wealthy Americans
hide millions of dollars from U.S. tax authorities during his
time at UBS.

In a key case in a U.S. government crackdown on offshore tax
evasion, Christos Bagios changed his plea to guilty in a court
in Florida. He had earlier pleaded not guilty. Lawyers said the
change in plea, which had been expected, likely indicated Bagios
was cooperating with U.S. authorities.

A Greek citizen and Swiss resident, Bagios worked at UBS
from 1999 to 2005. He was a senior banker at Credit Suisse when
he was arrested last year and later charged with aiding 150
Americans hide up to $500 million during his time at UBS.